Business Daily from THE HINDU group of publications
Thursday, Sep 18, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Thursday, Sep 18, 2008 ePaper | Mobile/PDA Version | Audio |
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Corporate
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Announcements Industry & Economy - Steel Jindal Stainless not to cut prices further
Mr Ratan Jindal, Vice-Chairman and Managing Director, Jindal Stainless Ltd, addressing a press conference in the Captial on Wednesday. Our Bureau New Delhi, Sept. 17 Jindal Stainless Ltd is unlikely to cut product prices in the immediate future because of prevailing higher input costs. “The rupee has weakened very sharply, leaving no room for us to cut prices,” Jindal Stainless’ Vice-Chairman and Managing Director Mr Ratan Jindal told a news conference. He said the rupee’s decline against the dollar has increased the cost of inputs such as nickel. Jindal Stainless had cut product prices earlier this month and in April. Orissa pactSpeaking at the event, Mr Jindal said the company recently signed an agreement with Orissa to supply 1,000 MW to the grid from its upcoming power plant in the State. Jindal Stainless is also building a 500-MW plant to supply power to its greenfield stainless steel plant in Orissa. The New Delhi-based company will spend between Rs 10,000 crore and Rs 12,000 crore on capital expenditure in the next five years, Mr Jindal said. Name changeHe added that the company has changed its name to JSL Ltd. Mr Jindal said he expects the local consumption of stainless steel to grow 10-12 per cent in the current fiscal. He also announced the formation of a marketing joint venture with South Korea’s Daiyang Metal Co. Ltd. Both the companies will have equal stakes in the venture, which will globally distribute the company’s products that are manufactured in India and Indonesia. More Stories on : Announcements | Steel
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